Limiting the immigration of highly educated professionals hurts U.S. economic growth because
What will be an ideal response?
both A and B
-it restricts the supply of high human capital workers and the new ideas they could potentially generate.
-it restricts the knowledge base of the workforce
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In the long run, perfectly competitive firms earn zero economic profit. Why do firms enter an industry when they know that in the long-run they will not earn any profit?
What will be an ideal response?
A tariff is
a. a tax on imports. b. a tax on exports. c. a payment by the government to an exporter. d. a legal limit on the amount of a good that may be imported.
Research suggests that about ________ percent of people living under the poverty line in any given year are chronically poor.
A. 8 B. 13 C. 38 D. 3
In the case of rent-seeking behavior in a monopolistic market:
A. the net loss to society is greater than it would have been in the absence of rent-seeking behavior. B. the net loss to society is less than it would have been in the absence of rent-seeking behavior. C. the net loss to society is the same as it would have been in the absence of rent-seeking behavior. D. monopoly profit is higher than if the monopolist did not engage in rent-seeking behavior, but the net loss to society is lower.